DEPRECIATED YEN.

Ashburton Guardian, Volume 54, Issue 48, 6 December 1933, Page 5

DEPRECIATED YEN.

BRITISH TRADE INTERESTS. :' u \ A NOTE OF WARNING.. LONDON, Noyomber;23.;: * '} An article in the "Financial News?'77 says it is strange that the depreciation of the dollar has provided large headlines in every newspaper whereas the, depreciation of the yen by half as much again has passed almost without.com- > ment although it more widely affects British trading interests. ' '.T ■''. "If Japan's working population in.; the next 35 years increases from &> to 53 millions compelling further r ment of the export trade, Britain will be faced with the possibilitiy of a conflict of the rival hegemonies, with Axis- ; tralia, New Zealand, India and Malaya i - on the one iside, and Japan, Manchukuo and China on the other,'?. the article ; .proceeds: , ,' , '. ' 'Japan intends to use her army as an instrument of trade policy. Military expenditure, entailing Budget deficits., will* be regarded as a capital invest-..; ment. \ ' • x\ • "But Japan, desiring to play lit the •■■_ East, the role Britain played in the ; West, has started a century late. .All tho places m the sun are occupied. Moreover, bayonets are bad commercial ; travellers. Currency depreciation in- • vokes an inexorable nemesis:, ; "Nevertheless, the main problem will outlast the temporary .Japanese -.set-/i back, resulting in the question ther the Frankenstein Britain created.'.' wlvm she assisted Japan, to develop will triumph, or Britain will be able, before it is too late, to secure a division of markets with Japan." > •• .